With coronavirus cases fast approaching the 2 million mark globally, and many countries extending lockdown periods to contain the spread of the disease, investors have been wary of holding risky assets.

Funds' allocation to cash jumped to 5.9% from 5.1%, according to the results of the monthly survey of almost 200 global fund managers by BofA, suggesting a dash for cash amid recession expectations.

The sharp deterioration in stock markets and economic forecasts have led 52% of the investors surveyed to believe the recovery would be U-shaped. Only 15% were expecting a V-shaped recovery, with the rest seeing it W-shaped.